Northwest Pipe Q1 beat: net sales $109.3M (+51%), adj EPS $0.42, SPP backlog record $341M

NWPX Infrastructure, Inc.

2022-Q1 EPS reported $0.36 revenue$109,331,000

Net sales $109.3M, up 51.2% YoY; gross profit $14.8M, up 68.5%.
Net income $0.36 diluted; adjusted net income $0.42 per share vs $0.23 prior year.
SPP backlog including confirmed orders record $341M; Precast order book record $66M.
Product liability settlement charge reduced SPP margins; ex-charge margins similar to Q1/Q4 2021.
Management expects SPP margin expansion into mid-teens in Q2; Precast margin near 22%.

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